Retirement Plans for Small Businesses

Name: The University of Illinois Tax School
Address: 1301 W Gregory Dr, Urbana, Illinois, 61801, US
Telephone: (217) 333-0502
Rating: none

2.0 CPE CREDITS

Do clients ask for your advice about which retirement plan to choose for their small business? Are you confident in the advice you provide? This self-study course covers various retirement plans available to small business owners that go beyond the traditional SEP and SIMPLE IRA. Characteristics and limitations of the various plans are reviewed along with the advantages and disadvantages of each.

Last reviewed for accuracy: March 2021

Course Details

This course involves completing a pretest, watching a video, answering quiz questions throughout, and successfully passing an exam with a score of 70% or better. The course includes a set of PDF materials that accompany the presentation.

CPE: This course offers 2.0 CPE credit and is approved by the IRS and NASBA for CPA credit in all states.

Cost: $50

Expiration: Per IRS guidelines, this course expires on 12/31/2024. Students must complete the course and pass the final exam by the expiration date or 1 year from the time of purchase, whichever comes first.

Access Instructions: Upon purchase, students receive a transaction receipt via email that contains instructions to complete the course. Important note: the person purchasing this self-study course must be the same person taking the course and completing the exam. This course performs best utilizing a desktop or laptop computer, not a mobile device.

For questions regarding refunds, registration policies, and resolving concerns, please see our Policies and FAQ.

Agenda

Small Business Retirement Plans — characteristics and limitations
1. SEP IRA
2. SIMPLE IRA
3. Solo 401(k)
4. Safe Harbor 401(k)
5. SIMPLE 401(k)
Retirement Plan Tax Credits
Key Features Distinguishing Small Business Retirement Plans
Traditional IRA — characteristics and limitations
Roth IRA — characteristics and limitations
Key Features Distinguishing Traditional and Roth IRAs
Retirement Plan Decision Flowcharts

Instructor Bio: Marshall Heap

Marshall Heap, Phd, EA, is a former Tax Content Development and Instruction Specialist at the University of Illinois Tax School. An enrolled agent since 1984 and NTPI fellow since 2018, Marshall is an ex-Senior Manager of PriceWaterhouseCoopers and has seven years of recent experience as an approved IRS continuing education provider. Marshall’s academic background is in Computing and associated fields with degrees from the following UK Universities: The Open University (BSc), London, Birkbeck College (MSc), and Reading (PhD).

Learning Objectives, Materials, and CPE

Learning Objectives: By taking this self-study course, you will be able to:

Distinguish characteristics and limitations of various small business retirement plans.
Identify characteristics and limitations of traditional and Roth individual retirement arrangements (IRAs).
Compare characteristics, advantages, and disadvantages of various small business retirement plans.
Identify tax benefits impacted by retirement contributions or AGI.
Utilize retirement plan decision flowcharts to help clients select the best retirement plans for their circumstances.

CPE Credits (qualifies for IRS): 2.0. Final exam must be passed with a score of 70% or better.
Expiration: Per IRS guidelines, this course expires on 12/31/2024. Students must complete the course and pass the final exam by the expiration date or 1 year from the time of purchase, whichever comes first.
Delivery Method: QAS self-study (online self-study)
Program Level: Overview
Field of Study: Taxes
Prerequisite(s): Professional experience preparing federal tax returns.
Materials: Upon purchase, the transaction receipt that is provided via email will contain instructions to access the course materials.
Advance Preparation: None

Please see the CPE FAQ for more information.

Retirement Plans for Small Businesses

Course Details

Agenda

Instructor Bio: Marshall Heap

Learning Objectives, Materials, and CPE

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